U.S. economy expands 1.5% in Q2

US Q2 GDP growth of 1.5% signals moderate economic momentum, influencing expectations for Fed policy and real yields. A softer growth profile can support duration-sensitive assets while increasing attention to inflation and labor data for confirmation. Near-term, markets may reprice the path of policy rates, driving moves in the US dollar, rates, and risk assets via changes in growth and terminal-rate assumptions.